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Bitcoin is rising to a high of $122,300, driven by a risk-on sentiment and adjusted expectations for Donald Trump's tariffs. Altcoin Season Index is falling due to rising Bitcoin dominance. Top-performing altcoins include Zora, LayerZero, and Lido. The crypto market is being fueled by hopes of a Federal Reserve rate cut and rising interest in Bitcoin and altcoin ETFs.

Bitcoin (BTC) has surged to near $122,300, driven by a risk-on sentiment and adjusted expectations for Donald Trump's new trade tariffs. The cryptocurrency has gained over 3.75% in a single day, with a 7-day increase of 5.92%, pushing the total crypto market cap to $4.13 trillion [1]. This rally is supported by expectations of a potential Federal Reserve rate cut in September, with the CME FedWatch tool indicating an 88% probability of a rate cut [8].

The recent Bitcoin price surge comes amidst a backdrop of increased institutional interest and strong inflows into Bitcoin ETFs. Acacia Research and Harvard University have announced significant investments in Bitcoin-backed loan strategies and BlackRock ETFs, respectively [2]. These developments indicate growing confidence in Bitcoin as a store of value and a potential hedge against inflation.

Market participants are closely watching the upcoming release of the July Consumer Price Index (CPI) data, scheduled for Tuesday, August 13. A lower-than-expected CPI reading could reinforce expectations of a Fed rate cut, providing additional upward momentum for Bitcoin [5]. However, the market remains cautious, with increased activity in Bitcoin put options indicating potential downside risks [4].

While Bitcoin has been the primary beneficiary of the recent market dynamics, altcoins have seen mixed performance. The Altcoin Season Index has fallen due to rising Bitcoin dominance, with top-performing altcoins including Zora, LayerZero, and Lido [3]. Despite this, the overall market sentiment remains positive, with analysts noting that geopolitical tensions and trade uncertainties could introduce volatility in the near term [11].

Bitcoin's performance aligns with broader risk-on sentiment, as U.S. equities also showed gains despite lingering macroeconomic uncertainties. This suggests that investors are increasingly viewing Bitcoin as part of a diversified portfolio, particularly in anticipation of central bank easing [1].

With the CPI data release just days away, market participants are preparing for potential volatility. A lower-than-expected CPI reading could cement expectations of a Fed rate cut, potentially triggering another wave of optimism for risk assets including Bitcoin [5].

References:
[1] Bitcoin Nears Record High as Analysts Predict $130K Breakout Ahead of Key CPI Data (https://coinpedia.org/news/bitcoin-nears-record-high-as-analysts-predict-130k-breakout-ahead-of-key-cpi-data/)
[2] Bitcoin Price Analysis: BTC Flat as President Trump Announces New Trade Tariffs (https://bitzo.com/2025/08/bitcoin-price-analysis-btc-flat-as-president-trump-announces-new-trade-tariffs)
[3] Altcoin Season Index Falls as Bitcoin Dominance Rises (https://www.cryptoinsider.com/altcoin-season-index-falls-as-bitcoin-dominance-rises/)
[4] Bitcoin Price Climbs Back Above $120k | Market Pulse (https://fxopen.com/blog/en/oa-bitcoin-price-climbs-back-above-120k/)
[5] Bitcoin Price Hovers at $122K, Eyes $123K Breakout to New Highs (https://www.analyticsinsight.net/bitcoin/bitcoin-price-hovers-at-122k-eyes-123k-breakout-to-new-highs)
[8] Bitcoin Volatility: 4 Things That Could Move Crypto Markets This Week (https://cryptopotato.com/bitcoin-volatility-4-things-that-could-move-crypto-markets-this-week/)
[11] Ethereum and Altcoins Remain Flat Amid Bitcoin's Bullish Momentum (https://www.cryptoinsider.com/ethereum-and-altcoins-remain-flat-amid-bitcoin-s-bullish-momentum/)